|
Step
1 |
Prequalification |
|
|
Complete our
prequalification request via
one of the four methods
listed above. We will review
your request for
eligibility, and issue a
quote. |
|
Step
2 |
Submit Initial
Documentation |
|
|
Submit initial due diligence
documentation so that we may
verify and review borrower
and property information.
Basic documentation
includes:
- Subject property rent roll
- Subject property financial
statements
- Subject property sales
contract, if applicable
- Borrower multifamily loan
application |
|
Step
3 |
Receive Conditional
Approval |
|
|
CommercialBanc will issue a
conditional approval subject
to final due diligence. We
will request additional
documentation, including:
- 2 years personal tax
returns
- Subject property leases,
or 3 months bank statements
- Additional subject
property information, i.e.
survey, title
- Borrower information, i.e.
resume, SRO |
|
Step
4 |
Order
3rd Party Documentation |
|
|
Upon acceptance of our
conditional approval,
CommercialBanc will order
all needed 3rd party
documentation, including:
- Appraisal
- Preliminary Title
- Property inspection
- Credit reports
Prior to ordering 3rd party
due diligence,
CommercialBanc will collect
a deposit to cover expenses
and costs. |
|
Step
5 |
Commitment Issued |
|
|
Upon receipt, review, and
approval of 3rd party
documentation, a firm
commitment will be issued.
|
|
Step
6 |
Closing |
|
|
Once a borrower accepts our
commitment, we begin the
closing process and
coordinate the closing
between all parties. Closing
generally occurs within 7
business days from the
receipt of commitment. |
